The following is a summary of the IGM Financial Inc. (IGIFF) Q4 2023 Earnings Call Transcript:
Financial Performance:
IGM Financial reported an adjusted EPS of $0.84 this Q4.
The company's ending assets under management were up by 35% compared to Q4 2022, excluding IPC.
The earnings for IG Wealth were reported at $101.7 million, experiencing a slight drop of 2.8% compared to Q4 2022.
Mackenzie's earnings were $49.4 million, marking a slight increase of 1.1% YoY.
IGM experienced volatility in its AUM&A which increased by 5.6% over the quarter, but average assets were slightly down compared to Q3.
The company experienced net redemptions of $826 million during Q4.
Business Progress:
Significant strides were made to position the company for future growth, with increased investments in ChinaAMC and a partial sale of their Great-West Lifeco equity stake.
The company completed the sale of IPC to Canada Life during the fourth quarter.
For 2024, IGM intends to focus on their IG Wealth Management and Mackenzie Investments business segments, with plans to accelerate investment in these areas.
IGM renewed its normal course issuer bid, hinting at plans to repurchase shares during 2024.
The company was recognized by Corporate Knights as one among the 100 most sustainable companies globally and a top 100 employer in Canada.
The company anticipates medium-term earnings growth of 9% or better.
Rockefeller, a company affiliate, had client assets increased by around 9.4% during the quarter.
IGM has launched a new portfolio catering to retirement planning needs.
During 2023, IGM saw record-breaking success in the high-net-worth segment.
Wealthsimple, an affiliate, reported a record quarterly growth in its AUM.
More details: IGM FINANCIAL INC IR
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